Iteris Inc (ITI) Expected to Announce Quarterly Sales of $23.95 Million

Wall Street analysts forecast that Iteris Inc (NASDAQ:ITI) will report $23.95 million in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Iteris’ earnings, with the highest sales estimate coming in at $24.42 million and the lowest estimate coming in at $23.47 million. Iteris reported sales of $25.27 million in the same quarter last year, which indicates a negative year-over-year growth rate of 5.2%. The business is expected to issue its next quarterly earnings results on Thursday, June 6th.

On average, analysts expect that Iteris will report full year sales of $96.98 million for the current fiscal year, with estimates ranging from $96.50 million to $97.46 million. For the next year, analysts forecast that the business will post sales of $110.33 million, with estimates ranging from $106.92 million to $113.74 million. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Iteris.

Iteris (NASDAQ:ITI) last released its quarterly earnings data on Wednesday, February 6th. The technology company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.01). Iteris had a negative net margin of 7.93% and a negative return on equity of 9.92%. The company had revenue of $23.14 million for the quarter, compared to the consensus estimate of $24.18 million.

Several research analysts have recently issued reports on the company. Zacks Investment Research raised Iteris from a “hold” rating to a “buy” rating and set a $4.25 target price for the company in a research report on Friday, January 25th. TheStreet lowered Iteris from a “c-” rating to a “d+” rating in a research report on Tuesday, December 4th. Finally, Northland Securities set a $8.00 target price on Iteris and gave the stock a “buy” rating in a research report on Thursday, December 20th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $6.75.

In other Iteris news, insider Neil S. Subin sold 2,551,273 shares of the business’s stock in a transaction that occurred on Wednesday, February 27th. The stock was sold at an average price of $4.25, for a total transaction of $10,842,910.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.20% of the company’s stock.

Several hedge funds have recently modified their holdings of the company. SlateStone Wealth LLC purchased a new stake in Iteris in the fourth quarter valued at $48,000. Jane Street Group LLC purchased a new stake in Iteris in the fourth quarter valued at $49,000. Stone Ridge Asset Management LLC raised its position in shares of Iteris by 72.2% in the fourth quarter. Stone Ridge Asset Management LLC now owns 20,497 shares of the technology company’s stock worth $76,000 after acquiring an additional 8,597 shares during the period. Rhumbline Advisers raised its position in shares of Iteris by 52.6% in the fourth quarter. Rhumbline Advisers now owns 32,671 shares of the technology company’s stock worth $122,000 after acquiring an additional 11,258 shares during the period. Finally, Ancora Advisors LLC grew its stake in shares of Iteris by 16.3% in the 3rd quarter. Ancora Advisors LLC now owns 177,041 shares of the technology company’s stock valued at $953,000 after buying an additional 24,867 shares during the period. 33.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of ITI traded up $0.01 during midday trading on Wednesday, reaching $4.18. The stock had a trading volume of 62,272 shares, compared to its average volume of 116,712. Iteris has a 12-month low of $3.24 and a 12-month high of $5.99. The stock has a market capitalization of $139.08 million, a P/E ratio of -104.00 and a beta of 0.61.

About Iteris

Iteris, Inc provides intelligent transportation systems technology solutions worldwide. The company's Roadway Sensors segment provides vehicle detection sensors and systems for traffic intersection management, communication systems, and roadway traffic data collection applications. Its products include Vantage detection system to detect vehicle presence at intersections, as well as vehicle count, speed, and other traffic data; Vantage Vector video/radar hybrid product, an vehicle detection sensor; and VantageLive!, a cloud-based platform; and Vantage systems equipped with smartcycle capability to differentiate between bicycles and other vehicles with a single video detection camera.

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Earnings History and Estimates for Iteris (NASDAQ:ITI)

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